Investor Presentation June 2019 Important Notice This presentation should be read in conjunction with the announcements released by OUE Commercial Real Estate Investment Trust (“OUE C-REIT”) on 9 May 2019 (in relation to its Financial Results for 1st Quarter 2019). This presentation is for information purposes only and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for units in OUE C-REIT (“Units”). The value of Units and the income derived from them, if any, may fall or rise. The Units are not obligations of, deposits in, or guaranteed by, OUE Commercial REIT Management Pte. Ltd. (the “Manager”), DBS Trustee Limited (as trustee of OUE C-REIT) or any of their respective affiliates. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. The past performance of OUE C-REIT is not necessarily indicative of the future performance of OUE C-REIT. This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. These forward-looking statements speak only as at the date of this presentation. Past performance is not necessarily indicative of future performance. No assurance can be given that future events will occur, that projections will be achieved, or that assumptions are correct. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager’s current view of future events. Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the Singapore Exchange Securities Trading Limited (the “SGX-ST”). It is intended that holders of Units (“Unitholders”) may only deal in their Units through trading on the SGX-ST. The listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The information and opinions contained in this presentation are subject to change without notice. 2 Agenda . Overview . Financial Highlights . Portfolio Performance . Appendices 3 Overview of OUE C-REIT . OUE C-REIT’s principal investment strategy is to invest in income-producing real estate which is used primarily for commercial purposes in financial and business hubs in key gateway cities . Total asset size of S$4.5 billion as at 31 March 2019, comprising 4 properties in Singapore and China . More than 2.0 million sq ft of prime CBD commercial space OUE Bayfront One Raffles Place OUE Downtown Office Lippo Plaza 4 Premium Portfolio of Assets OUE Bayfront GFA (sq m) 46,774.6 NLA (sq m) Office: 35,298.3; Retail: 1,830.1; Overall: 37,128.4 Committed Occupancy (@ 31 Mar 2019) Office: 97.1%; Retail: 74.4%; Overall: 96.0% Valuation (@ 31 Dec 2018) S$1,173.1 m (S$2,935 psf) Valuation Cap Rate (Office): 3.625% OUE Bayfront & OUE Tower: 99 yrs from 12 November 2007 Land Use Right Expiry OUE Link: 15 yrs from 26 March 2010 Underpass: 99 yrs from 7 January 2002 Completion Year 2011 5 Premium Portfolio of Assets One Raffles Place GFA (sq m) 119,626.3 Attributable NLA (sq m) Office: 57,043.1; Retail: 9,227.4; Overall: 66,270.5 Committed Occupancy (@ 31 Mar 2019) Office: 96.5%; Retail: 97.5%; Overall: 96.6% Valuation(1) (@ 31 Dec 2018) S$1,813.5 m (S$2,542 psf) Valuation Cap Rate (Office): 3.50% - 3.70% Office Tower 1: 841 yrs from 1 Nov 1985; Office Tower 2: 99 yrs from 26 May 1983; Land Use Right Expiry Retail: ~75% of NLAis on 99 yrs from 1 Nov 1985 Completion Year Office Tower 1: 1986; Office Tower 2: 2012; Retail (major refurbishment): 2014 (1) Based on OUB Centre Limited’s 81.54% interest in One Raffles Place. OUE C-REIT has an 83.33% indirect interest in OUB Centre Limited held via its 6 wholly-owned subsidiaries Premium Portfolio of Assets OUE Downtown Office OUE C-REIT owns OUE Downtown 1 Office Component OUE Downtown 2 (35th to 46th Office Component storeys) (7th to 34th storeys) Oakwood Premier OUE Singapore (Serviced Apartments) OUE Downtown Gallery (Retail) GFA (sq m) 69,922.0 Attributable NLA (sq m) Office: 49,239.0 Committed Occupancy (@ 31 Mar 2019) Office: 93.9% Valuation(1) (@ 31 Dec 2018) S$920.0 m (S$1,736 psf) Valuation Cap Rate (Office): 4.00% Land Use Right Expiry 99 yrs from 19 July 1967 Completion Year OUE Downtown 1: 1974; OUE Downtown 2: 1994; Major refurbishment : 2017 (1) Valuation without income support 7 Premium Portfolio of Assets Lippo Plaza GFA (sq m) 58,521.5 Attributable NLA (sq m) Office: 33,538.6; Retail: 5,685.9; Overall: 39,224.5 Committed Occupancy (@ 31 Mar 2019) Office: 90.4%; Retail: 72.0%; Overall: 87.6% Valuation(1) (@ 31 Dec 2018) RMB2,950.0 m / RMB50,409 psm (S$595.0 million)(2) Land Use Right Expiry 50 yrs from 2 July 1994 Completion Year Office : 1999; Retail (major refurbishment) : 2010 (1) Based on 91.2% strata ownership of Lippo Plaza 8 (2) Based on SGD:CNY exchange rate of 1 :4.958 as at 31 March 2019 Portfolio Composition By Asset Value(1) By Revenue Contribution(2) By Segment Income(2) (1) Based on independent valuations as at 31 December 2018 and OUE C-REIT’s proportionate interest in One Raffles Place (2) For 1Q 2019 based on OUE C-REIT’s attributable interest in One Raffles Place 9 Well-Diversified Portfolio Tenant Base As at Mar 2019 10 Quality and Diversified Tenant Base Top 10 tenants contribute approximately 26.7% of gross rental income WALE by NLA 2.3 years As at 31 Mar 2019 11 Financial Highlights 1Q 2019 Highlights Revenue Net Property Income Amount Available for Distribution S$55.3 million S$43.6 million S$26.0 million 25.5% YoY 23.5% YoY 49.5% YoY Annualised Portfolio Aggregate Leverage Yield Committed Occupancy 6.9%(1) 94.0% 39.4% 0.7 ppt QoQ 4Q 2018: 39.3% . Positive rental reversions across Singapore portfolio . No significant refinancing until 2020` (1) OUE C-REIT’s annualised distribution yield based on 1Q 2019 distribution per unit of 0.90 cents and Unit closing price of S$0.52 as at 29 March 2019 (being the last trading day of 1Q 2019) 13 Proposed Merger with OUE Hospitality Trust Proposed Merger with OUE Hospitality Trust . Announced proposed merger with OUE Hospitality Trust by way of a trust scheme of arrangement on 8 April 2019 . OUE C-REIT will seek the approval of OUE C-REIT unitholders for the transaction at an extraordinary general meeting to be convened . The rationale for the proposed merger includes: - Creation of one of the largest diversified S-REITs, owning seven properties with total assets of approximately S$6.8 billion - Larger capital base and broadened investment mandate provide flexibility to drive long-term growth; enhanced portfolio diversification with greater resilience - DPU accretive to Unitholders on a historical pro forma basis 14 1Q 2019 vs 1Q 2018 1Q 2019 1Q 2018 Change Revenue (S$ m) 55.3 44.1 25.5% Net Property Income (S$ m) 43.6 35.3 23.5% Amount Available for Distribution 26.0 17.4 49.5% to Unitholders (S$ m) DPU (cents) (actual) 0.90 1.12 -19.6% DPU (cents) (restated) - 0.61(1) 47.5% • Net property income of S$43.6 million in 1Q 2019 increased 23.5% YoY due primarily to a full quarter’s contribution from OUE Downtown Office which was acquired on 1 November 2018, augmented by one-off income from OUE Bayfront and One Raffles Place • The drawdown of OUE Downtown Office’s rental support, partially offset by higher interest expenses in 1Q 2019 as a result of higher borrowings, resulted in amount available for distribution of S$26.0 million, 49.5% higher YoY (1) For the purpose of comparison, 1Q 2018 DPU has been restated to include the 1,288,438,981 new Units issued on 30 October 2018 pursuant to the rights issue (the “Rights Units”). 15 Capital Management . Aggregate leverage as at 31 March 2019 was stable at 39.4%, with weighted average cost of debt of 3.5% per annum . With 71.6% of debt on fixed rate basis, earnings are mitigated against interest rate fluctuations . Every 25bps increase in floating interest rates is expected to reduce distribution by S$1.2 million per annum, or 0.04 cents in DPU As at 31 Mar 2019 As at 31 Dec 2018 Aggregate Leverage 39.4% 39.3% Total debt S$1,685m(1) S$1,675m(2) Weighted average cost of debt 3.5% p.a. 3.5% p.a. Average term of debt 3.3 years 3.5 years % fixed rate debt 71.6% 76.4% % unsecured debt 62.2% 61.1% Average term of fixed rate debt 2.1 years 1.7 years Interest service ratio 3.3x 3.0x (1) Based on SGD:CNY exchange rate of 1:4.958 as at 31 March 2019 and includes OUE C-REIT’s share of OUB Centre Limited’s loan (2) Based on SGD:CNY exchange rate of 1:5.018 as at 31 December 2018 and includes OUE C-REIT’s share of OUB Centre Limited’s loan 16 Capital Management No significant refinancing requirement until 2020 Debt Maturity Profile as at 31 March 2019 17 Portfolio Performance Resilient and Stable Portfolio .